Logistics technology: New Management Dynamics release focuses on augmeting U.S. export regulations
Jeff Berman, Group News Editor -- Logistics Management, 10/22/2008
EAST RUTHERFORD, N.J.—Global trade management technology services provider Management Dynamics recently rolled out RPS On-Demand 5.0, a Web-based risk management application that, it said, screens individuals and businesses to identify prohibited transactions based on more than 90 restricted party lists.
RPS On-Demand 5.0 leverages computational logistics and team-based workflow to provide shippers with a higher level of screening accuracy and productivity for managing potential hits and maintaining compliance with U.S. export regulations, according to a company statement. And it added that RPS On-Demand 5.0 can be integrated with various enterprise or ad-hoc business processes and serve as an export management system for companies that export to a related party or have a subsidiary that imports from another country. It also utilizes internal order processing controls in which small-to-medium-sized businesses and large companies can be compliant with changing trade regulations.
In an interview with LM, Management Dynamics, SVP Marketing & Product Management, Management Dynamics Nathan Pieri said that this release was based on customer feedback from the company’s 2007 User Conference, when many of its large volume customers (those that conduct millions of transactions per year) identified reduction in false positives as a key area of improvement.
“One of our software architects had experience in word matching algorithms and we then conducted the primary research into computational linguistics and its application to restricted party screening,” explained Pieri.
In terms of how RPS On-Demand 5.0 is typically deployed by a shipper or exporter, Pieri said it is integrated with a company’s order management system and then receives a “feed” of trading partner names and addresses that are screened against more than 90 lists and, based on relevance, are either cleared or put into a work queue for further analysis that is based on a mathematical match score.
“Users of the system manage these ‘hits’ through the work queue,” said Pieri. “They can be researched and either cleared—okay to ship, or put on hold. We also support escalations in this process. Once a transaction status is confirmed it is pushed back to the enterprise order management shipment system and the transaction either ships or is put on hold.”
The biggest competitive advantage of RPS On-Demand 5.0, said Pieri, is its Computational Phrase Matching Engine which analyzes data sets using computational linguistics and highly tunable algorithms to improve accuracy while incurring fewer false positives.
“We have determined that our screening algorithms can reduce false positives over competing solutions by 70%or more while increasing accuracy by 40%,” said Pieri. “We can support the scalability needs of companies to screen millions of customers and support the resolution process with powerful, team-based workflow.”
A leading technology analyst wrote in a client research note that RPS On-Demand 5.0’s screening technology is arguably the most sophisticated software used in the industry for this purpose.
“Regardless of how the name and address of a customer is entered, the software is designed to minimize false positives without sacrificing accuracy as it compares company data to multiple government-issued restricted party lists,” said John Fontanella, vice president of research at AMR Research.
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www.managementdynamics.com/RPS/OnDemand
LM - 2008-23-10 09:57:00 EDT
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